In 2009, as many as 22 Subjects boasted a surplus of their consolidated budgets (vis-avis 39 ones in 2008) The aggregate volume of the budget surplus in these regions accounted for Rb. 48.6bn, or 3.9% of the amount of the revenue part of their budgets (in 2008 Ц Rb. 84.0bn, or 3,9% pf the revenue part of their budgets). The median level of the budget surplus made up 1.8% of the revenue part of the budget.
The greatest surplus-to-revenue-level ratio was registered in Chukotka AO Ц 22.9%, Yamal-Nenetsky AO Ц 13.7%, Primorsky Krai Ц 12.7%. Nearly three-fourths (72.6%) of the aggregate surplus of the consolidated regional budget was secured by 4 Subjects of RF: YamalNenetsky AO Ц 25.0%, or Rb 12.1bn., Primorsky Krai Ц 24.9%, or 12.1bn, Irkutsk oblast - 12.5%, or Rb 6.0bn, Chukotka AO Ц 10.3%, or Rb5.0 bn.
Change in the Structure of the Accumulated Debt The amount of the debt accumulated by the consolidated regional budget by current borrowings in 2009 rose by Rb.289, 632.6 mln, or 0.74% GDP (Table 3), while the regional con RUSSIAN ECONOMY IN trends and outlooks solidated budgetsТ external debt shrank at Rb. 61.3mln and the domestic one rose at Rb289, 693.9 mln Table Net Borrowings by Regional and Local Budgets (в % ¬¬ѕ) √од 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Borrowings by subfederal and 0.33 0.15 Ц0.29 Ц0.04 0.47 0.37 0.26 0.09 0.21 0.17 0.29 0.local governments, including Repayable loans from budgets Ц0.09 Ц0.11 Ц0.03 0.04 0.12 Ц0.1 Ц0.02 Ц0.03 Ц0.04 Ц0.01 0.03 0.of other levels Subfederal (municipal) Ц0.01 Ц0.05 Ц0.27 Ц0.07 0.16 0.31 0.29 0.09 0.14 0.08 0.17 0.bonds Other borrowings 0.43 0.31 0.01 Ц0.02 0.19 0.6 Е 0.03 0.11 0.10 0.09 0.Source: calculations by IET on the basis of the RF Ministry of Finance data Structure of borrowings The 2009 aggregate volume of borrowings by the regional consolidated budget accounted for Rb. 634, 384.2 mln, including external borrowings amounting 716.9 mln. Like in 2008, the sole recipient of external loans once again became Republic of Bashkortostan.
The aggregate volume of domestic borrowing by regions and municipalities accounted for Rb. 633, 667.3bn. The largest borrowers on the domestic market were: the city of Moscow Ц Rb. 128.4 bn, Moscow oblast Ц 86.1 bn, Republic of Tatarstan Ц 37.7 bn, Nizhny Novgorod oblast Ц 31.1bn, Omsk oblast Ц 26.1 bn, whose share combined accounted for 48.8% of borrowings. When compared with 2008, the volume of domestic borrowing in nominal terms soared by Rb. 224, 588.9 mln, or at 54.9% (54.5% in real terms).
The proportion of securities issuances in the overall volume of the domestic borrowing was 24.9%, while that of loans disbursed from higher-tier level budgets was 26.9%, and another 48.2% fell on other borrowings (primarily bank loans).
It was a relative rise in the interbudgetary borrowing that became the most significant change in the structure of the regional budgetsТ borrowings. Specifically, the proportion of budget loans soared from 5.0% up to 31.5% of borrowings by the Subjects of the Federation.
Meanwhile, the proportion of issuances of securities slid from 51.9% to 28.5% (Table 4).
Table Structure of the Subnational BudgetsТ Domestic Borrowing (as %) 2009 2008 Regional con- Regional Regional Regional Municipal Regional Municipal Regional Municipal solidated consolidated consolidated budgets budgets budgets budgets budgets budgets budget budget budget Securities issu24.9 28.5 4.4 43.7 51.9 1.9 32.1 39.5 7.ances Budget loans 26.9 31.5 0.4 5.0 5.9 0.2 3.8 4.9 0.Other kinds of 48.2 40.0 95.3 51.4 42.6 97.8 64.2 55.6 92.borrowings The greatest net-borrowings-to-budget-revenues ratio was demonstrated by Vologda oblast Ц 13.3%, Kostroma oblast Ц 12.6%, Tver oblast Ц 12.4%, Nizhny Novgorod oblast Ц 12.3%, the city of Moscow Ц 10.6%, Moscow oblast Ц 10.1%, Arkhangelsk oblast Ц 10.1% (Table 5).
The largest net borrowers became the city of Moscow Ц Rb.107.5 bn, Moscow oblastЦ 31.bn., Republic of Tatarstan Ц 13.5 bn.
Section Monetary and Budgetary Spheres The following regions to a maximum extent reduced their debt: Irkutsk oblast Ц by Rb 3.bn., Chukotka јќ Ц2.3 bn, Kamchatka Krai Ц1.2 bn, Republic of Buryatia Ц1.2 bn.
Domestic Bond Issues In 2009, as many as 10 Subjects of the Federation and 5 municipal entities registered their bonded issue prospectuses (the 2008 figures were 24 regions and 7 municipal entities, respectively).
The 2009 total volume of issued bonds accounted for Rb. 158.1 bn vis--vis 178.6 bn in 2008 (down by Rb. 20.5 bn in nominal terms, or 18.6% in real terms). The volume of issued sub-federal and municipal bonds over the year slid from 0.43 to 0.41% of GDP (Table 6).
Table The Volume of Issued Subfederal and Municipal Bonds (as % to ¬¬ѕ) Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Issue 0.63 0.77 0.47 0.31 0.19 0.17 0.27 0.46 0.47 0.37 0.28 0.26 0.43 0.Redemption 0.47 0.56 0.48 0.36 0.46 0.23 0.10 0.15 0.19 0.28 0.14 0.18 0.26 0.Net financing 0.16 0.22 Ц0.01 Ц0.05 Ц0.27 Ц0.07 0.16 0.31 0.29 0.09 0.14 0.08 0.17 0.Source: calculations by IET on the basis of the Russian Ministry of Finance data.
In 2009, the Russian Ministry of Finance registered issue prospectuses by the Republic of Chuvashia, Republic of Karelia, Krasnoyarsk Krai, the city of Moscow, Volgograd, Nizhny Novgorod, Tver, Samara oblasts, Khanty-Mansy AO, city of Krasnoyarsk, city if Volgograd, city of Kazan, town of Elektrostal (Moscow oblast).
The biggest bond issuers became the city of Moscow Ц Rb.115.5bn, or 73.0% of the territoriesТ aggregate bond issue, Krasnoyarsk Krai Ц 10.4bn, or 6.6%, Khanty-Mansy јќ Ц 6.0bn, or 3,8%, Moscow oblastЦ 3.4 bn, or 2,2%. Thus, the proportion of the 4 largest issuers combined accounted for 85.5% of the overall volume of regional and municipal bonds issues.
As well, large issuers were Tver oblast Ц Rb. 3.5bn, Nizhny Novgorod Ц 3.0bn, Tomsk RUSSIAN ECONOMY IN trends and outlooks oblast Ц 2.8 bn, Volgograd oblast Ц 2.4bn, Republic of Tatarstan Ц 2.0bn, Yaroslavl oblast Ц 1.9bn (Table 7).
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